Bitcoin’s recent pullback has significantly flipped the sentiment across the market, with many predicting a more sustained downward performance toward the $60,000 price mark. Following this sharp decline, more investors are now underwater as BTC’s holders’ profitability strongly declines.

Veteran crypto analyst Bob Loukas says Bitcoin has entered the final stage of its current four-year cycle, but warned that the market may still need another leg lower before a durable cycle bottom is in place.